As global interest in non-fungible tokens continues to rise, people often wonder how to acquire these NFTs. OpenSea, the most popular marketplace, is an excellent place to begin. Acquiring non-fungible tokens from this platform is relatively easy, and anyone can get up and running rather quickly.
Why OpenSea Matters
Although there are several NFT marketplaces today, there is one that generates far more sales volume than the rest. OpenSea, residing on the Ethereum blockchain, has noted a substantial increase in monthly trading volume since late 2020. Moreover, August 2021 is on track to become a monster volume month, indicating the demand for non-fungible tokens is still on the rise.
For novice users, it can be rather daunting to get acquainted with this platform. Decentralized services do not rely on accounts created through usernames and passwords in the traditional sense. Instead, users need to connect a Web3 wallet- like MetaMask – to the platform directly. That also means users need to get acquainted with MetaMask as a wallet, which resides in the browser or an app on mobile devices.
Connecting MetaMask to OpenSea is a simple procedure that one can complete in about a minute. There is no verification procedure or user details to verify, making the whole process quick and seamless. If you do not have MetaMask yet, download it from your browser’s official application store or the mobile app store on your phone/tablet.
Once installed and set up, navigate to the OpenSea website and click on the “My Profile” button found after hovering over the user icon in the top right corner.
You will be asked to sign in to your wallet by entering your password – or using a fingerprint on mobile – and sign a message to confirm your interaction with the OpenSea platform. There is still the option to link to any of the wallets stored in your MetaMask profile, giving users plenty of options to make good use of their existing addresses.
Once the linking process is complete, browsing the OpenSea marketplace and its collections will become a lot more straightforward. Make sure there is some Ether in your account if you see anything you want to buy.
Finding NFTs And Browsing Collections
On the OpenSea homepage, hit the “Explore” button to gain an overview of which NFTs are currently hot or in demand on the marketplace. With several million listings today, it can take a while to find something you want specifically.
If there is a collection you know the name of, enter it in the search box at the top – in this case, 24px – and you will automatically see all of the available listings for that project.
The same applies to looking up particular artists venturing into non-fungible tokens. These artists usually have an OpenSea profile in their social media bio, or you can look up their names via the search box. Again, you can filter results based on the main account overview or specific collections.
When browsing NFTs – either sole creations or collections – it is essential to look at every non-fungible token’s characteristics. Depending on the project piquing your fancy, the rarity of NFTs may become a factor. Make sure to carefully evaluate all aspects of the item you are interested in to determine if it has a correct value and whether there is a future profit to be made should you sell it again.
Buying Your First OpenSea NFT
The OpenSea marketplace is very similar to any other online shopping platform. Once you find an item you like, hit the “Buy Now” button, follow the instructions, and complete the payment through MetaMask. The Ethereum network may take a few minutes to complete the transaction, but it usually goes quite fast.
After the network confirms the transaction, you now own your [first] non-fungible token on the Ethereum blockchain. It is yours to do with as you see fit, whether keeping, trading, or showing it off to others. The true ownership of that NFT belongs to you alone, and no one else can take it from you unless you give or trade it to them.
You can always find any NFTs you purchased under your profile on the OpenSeaHow platform. In addition, purchased NFTs can be added to personal collections, should that be of interest.
Verifying ownership is possible by entering your Ethereum wallet address – the one used to buy the NFT – on Etherscan. The OpenSea transaction will be displayed there, and your “Token” field will show the asset you purchased after the transaction has been confirmed by the network.
Selling An NFT
The procedure to sell an NFT is somewhat similar. As soon as you have a non-fungible token in your account to sell, click on its artwork in the “my Profile” section and press the “Sell” button. Selling is possible through a fixed price, an auction, or as a bundle with other items. Bidding can be done with Ether, DAI, or USDC, whereas fixed-price offers only work with Ether.
When selling an NFT on OpenSea, listing it is free. That is, unless it is the first item in that collection you are selling. If it is the first listing, there will be a small gas fee to pay before you can list items. However, the platform will take a 2.5% cut when the sale concludes, so factor that in accordingly.
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